Verizon: Stages of Retirement
Nancy Johnson BSN, PHN
CareStat- Recruiting holding company for Techstaffer, FinancialStaffer and ArisaPro
When I’m attempting to place someone in a new job, it is my goal to put them in the best position possible to succeed. But landing the right job offer is only half the battle when it comes to financial security. So today I thought I’d write about the various stages of retirement, specifically as they relate to my Verizon clients.
Stages of Retirement
Retirement planning, whether you are 20 or 60, is something we must actively plan towards annually. Yet, numerous polls and experts say the majority of Americans don’t know how much to save or the income they will need.
Getting started… Your 20’s and early 30’s
Everyone knows how critical starting in your 20’s and early 30’s is. Some understand because of impending anxiety from not saving enough, while others are grateful they feel secure.
TIME… It is the one advantage you will never get again. As some of you may know, compounding has significant impacts on future savings. Starting early matters and the key is to increase/maximize your VZ 401(k) contributions.
Say you open a tax-deductible Individual Retirement Account (IRA) at age 25 and invest $100 a month until age 65. If the account earns 8% a year, you could amass $349,100 by age 65. If you wait until age 35 to start saving the same $100 a month, you could end up with $149,035 when you are 65. Waiting 10 years to start saving and investing could cost you substantially. Read more here...
If you have any further questions you can reach out to us at TechStaffer.
If you have more questions about your 401(k), visit: https://techstaffer.blog/2020/03/04/when-is-the-last-time-you-checked-on-your-401k-plan/
If you would like to learn about your survivor benefits, visit: https://techstaffer.blog/2020/03/16/survivor-checklist-how-your-spouse-can-receive-your-after-your-death/
If you have any questions on how a divorce could affect your retirement benefits visit: https://techstaffer.blog/2020/03/10/how-a-divorce-can-impact-your-verizon-benefits/
Sources:
- The Retirement Group or www.theretirementgroup.com
- “Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
- “Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.